Lidar Developer Says It Has Netted Big Contract

Israel-based lidar developer Innoviz says it has landed a $4 billion supply contract from one of the world’s largest automakers.

The company did not disclose the identity of the automaker in announcing the pact but is promising to deliver more information during its May 11 earnings call with market analysts. Information also was not released as to the timing of the supply program.

Innoviz says its lidar will be installed across multiple brands offered by the automaker. The deal increases the company’s order book to $6 billion.

“Being selected by another multi-brand global vehicle maker is a significant catalyst for Innoviz,” CEO and Co-Founder Omer Keilaf says. “We are expecting the scope of this deal to grow even further, as additional car brands within the group decide to adopt our platform.”

Innoviz already has been working with BMW since 2018, and its InnovizOne lidar is to be used in the automaker’s iNext vehicle series. The sensor will be manufactured by Magna, which is an Innoviz investor.

Innoviz also is in development with Aptiv and Samsung and went public via a merger with Collective Growth.